Snap plunges on first-quarter revenue miss
Publishing timestamp: 2023-04-28 10:00:24
Summary
Snap reported lower-than-expected revenue and average revenue per user (ARPU) in its first-quarter earnings report, and its "internal forecast" for second-quarter revenue represents a 6% year-over-year decline. Snap shares dropped as much as 20% after hours on Thursday. The company's free cash flow also decreased nearly 3% year-over-year. Snap CEO Evan Spiegel said the company is working to accelerate revenue growth and improve its advertising platform. Snap continues to operate in a difficult online ad market, unlike larger rivals such as Facebook and Google.
Sentiment: NEGATIVE
Keywords: breaking news: technology, social media, mobile, meta platforms inc, alphabet inc, technology, internet, snap inc, earnings, business news,
Source: https://www.cnbc.com/2023/04/27/snap-q1-earnings-report-2023.html